Being anonymous might be the only choice you have sometimes! It’s not a crime to keep your private lives hidden, the same way as keeping your investments hidden from the public, government and any other prying eyes.
Bitcoin the godfather of cryptocurrencies have always maintained to be anonymous in nature, but due to the severe popularity, this has been lost. The crypto market is open to anonymous coins, as this was one of the core principles of the Cryptocurrency market.
Coinscage makes your life easier by picking cryptocurrencies which have the most potential and have already implemented in keeping the anonymous nature up to date.
The order is not in correspondence to the best to the worst, as anonymity can be ranked and defined in different viewpoints according to the needs and wants of an investor or user.
5 Best Anonymous Cryptocurrencies
ZCash has been on the rise since January 2016, thanks to Zooko Wilcox. It can be described as a decentralized and open source cryptocurrency that takes privacy and anonymity to new heights.
The wonder of Zcash is the untraceable nature of it, thanks to the encryption called zk-SNARK.
Wilcrox, the founder of Zcash is a firm believer in privacy, as it protects societies against unnecessary troubles and will help maintain a more peaceful world. With this in mind, several major investors are on board Zcash such as Naval Ravkant and Barry Silbert investing over $700,000 USD into Zcash.
You got your answer to why ZCash is known as the HTTPS of the worldwide web!
The coin that used to be called Darkcoin, has been known for its anonymous nature. It was released in 2014, with the help of Evan Duffield. Evan noticed that bitcoin was failing it keeping up to date with being anonymous that he has to create a new more anonymous cryptocurrency.
Evan Duffield is an obsessed crypto lover, who tried to help Bitcoin in their problems of anonymity. What happens when Bitcoin does not want to change its core protocol? A new cryptocurrency is born!
Darksend is used in the process of Dash’s anonymity. This is where Masternodes are used for the mixing, with a combination of identical inputs with several different outputs.
The protocol InstantX makes the transactions much faster, adding to the many reasons why a user should opt for Dash.
The only confusion to Dash is the open KYC compliant forms needed to be filled, which fades the motion of anonymity.
It had a very good run in 2017, being the 5th best running cryptocurrency with a gain of 9265%.
PIVX is a fork from DASH. So the same support of Master Nodes is used to maintain anonymity. It implements a Zerocoin protocol, which is a cutting-edge anonymity segment.
Zerocoin enables each transaction that takes place to be private by unlinking transactions with the use of a new tier coin called zPIV.
The team has worked on interesting concepts in 2018, such as an iOS wallet, and zDEX a decentralized exchange that will give trading fees to PIVX master node owners. These two groundbreaking releases will increase the price and value of PIVX.
Currently, the team is working on deferred broadcasting which is a method of defying transactions being broadcasted unilaterally across the network. It uses a more delayed pre-broadcast phase. Delay time is counted in milliseconds.
PIVX is at growing potentials of $5.68 currently. This makes for the ideal anonymous coin for people who love growing cryptocurrencies.
Everyone in the crypto world is talking about Verge, thanks to John McAfee’s tweet about its potential. A proper rebrand from DogeCoinDark, became an instant success during the end of 2017.
Verge stands out by enabling separate ledgers for both public and private ledgers.
This open sourced project is a growing community of people with interesting ideas that can march it up to levels of the top cryptocurrencies.
Tor and I2P are used instead of cryptography, as the community believes that an open ledger helps in viewing the transactions for verification purposes.
Added features of atomic swaps which is also called fast transactions make it more exciting for the modern day impatient crypto hustlers. The Simple Payment Verification (SPV) technology, keeps confirmation times for around five seconds.
Verge had a surprise run of 800% in December 2017, before the January slump took most of it.
This is the cheapest of the lot, Currently priced at US$0.053242.
This is a drastic drop, from when it rose from $0.006 to a whopping $0.23. You must follow our article, if you are willing to buy some XVG.
I have kept the best for the last. The most notorious coin, Monero has gained enormous heights in recent times. The community is as strong and united to keep Monero on the top.
The technology of Monero is of ring signatures and confidential which disguise the amount, origin and destination of transactions. This hides not only the sender’s but also the receiver’s details.
Ring Signatures is an invention by Ron Rivest, Adi Shamir, and Yael Tauman giving a sense of confusion when trying to retrieve details. There is a group of cryptographic signatures with at least one real participant, but it is not possible to guess which the real one is.
This cryptography is far beyond today’s technology, and hence why Monero is gaining to become the king of notoriousity. Cryptojacking, which is basically the secret use of a computing device to mine, has become far easier thanks to Monero as it supports in-browser mining.
Personally, I find the best potential with Monero as its super private and had a positive 2017. Also, it has everything hidden unless the sender chooses to reveal certain information.
Comparisons of Monero to other Anonymous Coins
Monero grabs the bulls by the horns, in the game of anonymity in Crypto land. A look at how it differs compared to the rest of the cryptocurrencies in this guide-
|Low transactions occurring, in the range of 400 which makes it very easy to track.||Has a huge amount of transactions of about 3500+, which becomes more difficult to trace|
|Takes a long time for transactions as Coin Mixing occurs.||Faster transactions thanks to Ring Signatures|
|Less partners taking part, so it takes a much longer time for mixing||Moneros technology of Ring Signatures which happens automatically instead of reliance on users makes the anonymity faster to take place|
|The volatility does not look very helpful for VERGE’s future||Stability and being in the market for a while and better known for anonymity|
Monero’s other great points-
- Increased transactions on the dark web
- Mainstream merchants such as famous musicians like Mariah Carey are using it
- Hardware Wallets such as Ledger Wallet is working on supporting Monero
- Kovri Development which will help hide IP addresses making it completely anonymous
- Shrinkage of Transaction sizes by over 80%
- Mobile Wallet
- Multisignature Support
So Which is the Better Crypto?
Every cryptocurrency is unique and different. Some focus on being less anonymous while others see a better reason for keeping transactions private.
Every user has different needs and wants when trying to rely on a certain anonymous cryptocurrency. They might want certain privileges, or they might even want a cryptocurrency which has lasted longer in the cryptocurrency market.
Dash and Monero have been the oldest compared to Zcash, PIVX, and VERGE., and hence most users prefer a more reliable coin.
You also have the users who are Pro Bitcoin and will use different methods of buying Bitcoin anonymously (Link to Buying Bitcoin Anonymously).
It is of no doubt that privacy is what many people want and is going to be a major factor in determining a cryptocurrencies success. With the latest news of governments and central banks tapping into personal information and transactions, people want to keep their internal crypto transactions more private.
It’s better to enjoy the cash than show it off to the public’s envious eyes.
Now it’s your turn to let us know about cryptocurrencies not listed which you have successfully used for anonymous transactions!